Within the aftermath of the Thai cryptocurrency trade Zipmex stopping withdrawals final week, native monetary regulators are stepping in to look into potential losses by traders.

Thailand’s Securities and Change Fee (SEC) is taking motion to gather all vital info from traders on how they’ve been affected by points on Zipmex.

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The regulator formally announced on July 25 that Zipmex prospects can submit info by way of a web based discussion board on the Thai SEC’s official web site.

The SEC has obtained a lot of complaints from individuals affected by Zipmex after the crypto trade temporarily suspended withdrawals of the Thai baht and digital property on July 20, the regulator stated.

“Prior to now, the SEC issued a letter requesting the corporate [Zipmex] to offer an environment friendly system to contact prospects and deal with complaints, in addition to to have in mind the safety of the pursuits of consumers,” the announcement notes.

Zipmex is without doubt one of the main cryptocurrency exchanges formally regulated by the federal government of Thailand, alongside platforms like Upbit, Bitkub and others. The Zipmex trade abruptly stopped withdrawals final week, citing a “mixture of circumstances” that had been past the corporate’s management, together with “risky market situations.”

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The withdrawals’ pause got here amid Bitcoin (BTC) hitting multi-week highs above $24,000. Zipmex partially resumed some operations on the platform, re-launching withdrawals from its commerce pockets after two days after disabling withdrawals. “Switch from Z Pockets, deposit and commerce will proceed to be disabled till additional discover,” the agency stated.